Corruption fueling capital flight, economic stagnation, in Nigeria – Prof. Attamah

2026-03-29 - 14:44

By Alumona Ukwueze ENUGU—-A professor of Economics at the Enugu State University of Science and Technology, ESUT, Nicholas Attamah, has identified economic stagnation, capital flight and weak institutions as consequences of deep-rooted corrupt practices in Nigeria. Professor Attamah stated that the spread of corruption in Nigeria has done a lot of damages to the nation’s economic activities, adding that efforts by the governments to eradicate the monster from the public service over the years have been unsuccessful. He made the disclosure weekend, while presenting the 56th inaugural lecture of ESUT titled “Navigating the Moral Maze: Wealth Creation and Ethical Conduct in a Corrupt Public Sector.” He further said that due to the culture of corrupt practices in Nigeria such as bribery, embezzlement, money laundering among others, some investors have relocated to other countries of the world because of uncertain business environment, resulting in capital flight in the country. “Corruption has created an environment of instability and uncertainty that deters investment in Nigeria. Corruption creates a climate of risk and uncertainty because of the fear that their assets could be seized or that contracts may be unfairly awarded. This has created capital outflow in the country thereby reducing the tax base and making it more difficult for the government to finance public services,” he explained. He equally said that despite the establishment of anti graft agencies such as the Economic and Financial Crimes Commission, EFCC, Independent Corrupt Practices and Other Related Offences Commission, ICPC, the Code of Conduct Bureau, CCB, to combat corruption and promote transparency, desired results have not been achieved. He therefore, recommended institutional reforms, strengthening of anti-corruption agencies and ethical leadership development as panacea for corruption ravaging every facet of Nigerian economy. He further stated that by promoting ethical conduct and implementing strategies to reduce corruption, governments can create conducive environment for wealth creation and economic growth in Nigeria. Earlier in his opening remarks, the Vice Chancellor of ESUT, Professor Aloysius-Michaels Okolie, noted that the topic of the lecture was timely owing to the monstrous growth of corruption and moral decadence in public sector, and society at large. He further called on Nigerians to reflect on the reasons behind deep-seated corrupt practices and moral dislocation in the nation.